Around the World's Markets: New York

Tuesday 6 October 1998 23:02 BST

Click to followThe Independent Online

AN EARLY rally, inspired by gains across Europe, faded later on, with investors selling into strength.

US stocks gained 150 points in the morning amid speculation that interest- rate cuts around the world would bolster economic growth and corporate profits. But by midday the Dow Jones Industrial Average was up only 20.60 points at 7,746.84, while the Standard & Poor's 500 index was down 0.06 at 988.50. Traders warned problems in world economies would continue to plague markets.